Essay
Technonerds,Inc.owns a piece of lab equipment with an original cost of $39,500,and a current carrying value of $17,450.Determine the gain or loss for each of the following situations:
(
A)the equipment is sold for $23,800 cash
(b)the equipment is sold for scrap and $750 in cash is received
(c)the equipment is sold for a 12-month $25,000 note receivable with a stated 9% interest rate
Correct Answer:
Verified
(a)$23,800 - $17,450 = $6,350 recognized...View Answer
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Correct Answer:
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